Timothy Timura Named SEC Deputy Chief Economist
The Securities and Exchange Commission (“SEC”) has announced that Dr. Timothy Timura, CFA, will be Deputy Director and Deputy Chief Economist in its Division of Economic and Risk Analysis. In his new role, Dr. Timura will support SEC Chief Economist Dr. Jeffrey Harris on various agency activities. His initial responsibilities will focus on economic policy in SEC rulemaking. With over 30 years of experience as a professional money manager, Dr. Timura joins the SEC after being a faculty member of the Kogod School of Business at American University. Additionally, Dr. Timura has experience serving in senior management positions with private. Read More.
SEC Approves 2018 PCAOB Budget and Accounting Support Fee
In its recently issued order, the Securities and Exchange Commission (“SEC”) approved the Public Company Accounting Oversight Board’s (“PCAOB”) budget and annual accounting support fee for 2018. This year’s PCAOB budget is approximately $259.9 million, which is a 3.2 percent (or $8.6 million) drop from the 2017 budget. The PCAOB approved its 2018 fiscal-year budget in November. The order states that due to budget control requirements, the PCAOB budgeted expenses requires a slight reduction.
SEC Government Shutdown Operations Plan Released
Ahead of last weekend’s government shutdown, the Securities and Exchange Commission published an Operations Plan Under a Lapse in Appropriations and Government Shutdown . The document outlines how the SEC will operate due to a lapse in appropriations that causes a complete shutdown. If an actual shutdown occurs wherein the SEC must implement its operating plan, supplemental guidance from the Office Management and Budget, the Office of Personnel Management, and the General Services Administration would also apply. Read the government shutdown operating plan on the SEC website.
Freedom of Information Act Regulations Changes Proposed
The Securities and Exchange Commission is proposing changes to its regulations under the Freedom of Information Act (“FOIA”). Issued as the proposed rule, Amendments to the Commission’s Freedom of Information Act Regulations, the proposed amendments would reflect required changes according to the FOIA Improvement Act of 2016. The changes would also clarify and revise the language of numerous procedural provisions. Comments on the proposed FOIA changes are due 30 days after publication in the Federal Register.
Richard Best Named Regional Director of SEC Atlanta Office
The Securities and Exchange Commission (“SEC”) has selected Richard Best to replace Walter Jospin as the regional director of its Atlanta office. Best joins the market regulator’s Atlanta office after spending the past two years as director of the SEC’s Salt Lake office. In that capacity, he oversaw the SEC’s enforcement program in Utah. Best was also a senior director and chief counsel in the Financial Industry Regulatory Authority’s Department of Enforcement. Jospin will leave the SEC at the end of the month.
SEC Commissioners Receive Senate Approval
For the first time in over two years, the Securities and Exchange Commission (“SEC”) will soon have a complete five-member complement. On December 21, the U.S. Senate confirmed Hester Peirce and Robert Jackson as the market regulator’s next commissioners. The vote occurred following Senator Tammy Baldwin’s decision to lift a hold on both nominees after they answered questions on her financial regulatory priorities. A senior research fellow at George Mason University’s Mercatus Center, Peirce will replace Daniel Gallagher. Jackson, a Columbia University law professor, takes over for former SEC Commissioner Luis Aguilar. Gallagher and Aguilar left the SEC near the. Read More.